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Novagold Resources New
(NYSE MKT:NG)
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Rating:47Neutral
Price Target:
C$8.50
▼(-43.22% Downside)
Action:Reiterated
Date:06/25/26
The score is held down primarily by weak financial performance (no revenue, persistent losses, and negative free cash flow) and a bearish technical setup with price below key moving averages. The main offset is a relatively positive earnings update—clear project milestones toward a BFS in H1 2027 and a sizable cash treasury to fund near-term work—though permitting/legal uncertainty and ongoing spending keep risk elevated.
Positive Factors
Large, high‑grade resource and long mine life
A ~40Moz measured & indicated resource at 2.25 g/t and >1Moz/year over 27 years implies durable scale and attractive grade versus peers. This underpins long‑term project economics, supports financing appetite and justifies large capital allocation and long life cash flows if developed.
Negative Factors
Pre‑revenue status and persistent operating losses
Being a non‑producing developer with no revenue and recurring net losses means NOVAGOLD cannot self‑fund operations or service debt from operations. Long‑term value hinges on successful project delivery and financing; until production, dilution or costly funding remains a structural risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Large, high‑grade resource and long mine life
A ~40Moz measured & indicated resource at 2.25 g/t and >1Moz/year over 27 years implies durable scale and attractive grade versus peers. This underpins long‑term project economics, supports financing appetite and justifies large capital allocation and long life cash flows if developed.
Read all positive factors
Novagold Resources New (NG) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$3.72B
Dividend YieldN/A
Average Volume (3M)596.14K
Price to Earnings (P/E)―
Beta (1Y)3.32
Revenue GrowthN/A
EPS Growth31.32%
CountryCA
Employees14
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)-0.17
Shares Outstanding438,780,600
10 Day Avg. Volume904,560
30 Day Avg. Volume596,145
Financial Highlights & Ratios
PEG Ratio-0.52
Price to Book (P/B)23.30
Price to Sales (P/S)0.00
P/FCF Ratio-272.05
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$21.15Price Target Upside41.28% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)-0.26
Revenue Forecast (FY)N/A
Novagold Resources New Business Overview & Revenue Model
Company Description
NovaGold Resources Inc. engages in the exploration and advancement of gold mineral properties throughout the United States. Its flagship asset is the Donlin Gold project, an extensive operation covering approximately 29,008 hectares with 493 minin...
How the Company Makes Money
NOVAGOLD does not typically generate recurring revenue from selling gold because it is primarily a pre-production development company. Its economic model is to create value by advancing its principal asset, the Donlin Gold project, toward construc...
Novagold Resources New Earnings Call Summary
Earnings Call Date:Jun 24, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 06, 2026
Earnings Call Sentiment Positive
The call emphasizes strong project fundamentals (large, high‑grade resource, long life, >1M oz/year), successful ownership consolidation (60% interest) and clear, tangible progress toward a bankable feasibility study with a targeted H1 2027 completion. The company also reports a robust cash position sufficient to fund near‑term plans and is actively preparing financing. Offsetting these positives are continued quarterly losses, elevated near‑term spending (Donlin costs and professional/G&A fees), and permitting/legal items (supplemental EIS and pending state 401 decision) that introduce timing and regulatory uncertainty. Management expects professional fees to taper and is progressing financing preparations.Positive Updates
Robust Project Scale and Grade
Donlin Gold hosts ~40 million ounces of measured and indicated resources at an average grade of 2.25 g/t (more than double the industry average), with projected average production of over 1 million ounces per year across a 27‑year mine life, underscoring strong long‑term economic potential.
Negative Updates
Quarterly Net Loss Persisting
Q2 FY26 net loss of $25.5 million ($0.06 per share) remains a negative near‑term result despite the YoY improvement; company continues to report operating losses while advancing project development.
Read all updates
Q2-2026 Updates
Positive
Negative
Robust Project Scale and Grade
Donlin Gold hosts ~40 million ounces of measured and indicated resources at an average grade of 2.25 g/t (more than double the industry average), with projected average production of over 1 million ounces per year across a 27‑year mine life, underscoring strong long‑term economic potential.
Read all positive updates
Company Guidance
Management reiterated guidance that NOVAGOLD remains on track to complete the Donlin Gold bankable feasibility study in H1 2027 and to meet full‑year 2026 guidance, supported by a treasury of $370.2 million (down $22.3M in Q2) that funded $16.3M of Donlin activity and $6.7M of corporate G&A in the quarter, generated $4.0M of interest income, and is expected to cover corporate G&A for at least the next 12 months and enable exercising the option to prepay the Barrick promissory note later this year. Fiscal Q2 2026 results showed a net loss of $25.5M ($0.06/share), a $28.8M improvement versus the prior year (which included a $39.6M non‑cash warrant charge); NOVAGOLD’s share of Donlin expenses rose $10.4M year‑over‑year, corporate G&A rose $3.1M, and Donlin funding was $9.5M higher than the prior period. They also reiterated project metrics: ~40 million ounces of measured & indicated resources at an average grade of 2.25 g/t, average production of >1 million oz/year over a 27‑year mine life, and projected post‑tax NPV of >$50 billion at today’s gold price (> $4,000/oz) at a 0% discount (≈$20 billion at 5%); permitting milestones include a draft supplemental EIS due in September and an Alaska Supreme Court decision on the 401 certification anticipated within ~1 year, while all permits remain in force.Novagold Resources New Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
38
Negative
Cash Flow
24
Negative
| Breakdown | TTM | Nov 2025 | Nov 2024 | Nov 2023 | Nov 2022 | Nov 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -17.00K | -22.00K | -22.00K | -10.00K | -7.00K | -7.00K |
| EBITDA | -44.49M | -79.89M | -24.91M | -21.77M | -45.83M | -33.82M |
| Net Income | -72.16M | -94.66M | -45.62M | -46.80M | -53.34M | -40.54M |
Balance Sheet | ||||||
| Total Assets | 597.92M | 335.91M | 109.75M | 133.29M | 159.19M | 198.85M |
| Cash, Cash Equivalents and Short-Term Investments | 370.92M | 115.14M | 101.22M | 125.75M | 125.88M | 169.12M |
| Total Debt | 174.09M | 167.06M | 152.45M | 137.55M | 124.63M | 116.13M |
| Total Liabilities | 177.48M | 172.12M | 157.17M | 141.51M | 129.29M | 120.57M |
| Stockholders Equity | 420.44M | 163.79M | -47.42M | -8.22M | 29.90M | 78.28M |
Cash Flow | ||||||
| Free Cash Flow | -18.60M | -14.03M | -12.64M | -7.79M | -12.37M | -9.66M |
| Operating Cash Flow | -18.60M | -14.03M | -12.64M | -7.79M | -12.37M | -9.86M |
| Investing Cash Flow | -516.41M | -177.56M | 9.36M | -10.33M | -12.36M | 40.39M |
| Financing Cash Flow | 319.57M | 259.50M | -174.00K | 0.00 | -2.12M | -731.00K |
Novagold Resources New Technical Analysis
Negative
14.97
Price Trends
11.01
Negative
12.56
Negative
12.70
Negative
Market Momentum
-0.67
Positive
32.40
Neutral
4.88
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:NG, the sentiment is Negative. The current price of 14.97 is above the 20-day moving average (MA) of 10.19, above the 50-day MA of 11.01, and above the 200-day MA of 12.70, indicating a bearish trend. The MACD of -0.67 indicates Positive momentum. The RSI at 32.40 is Neutral, neither overbought nor oversold. The STOCH value of 4.88 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:NG.
Novagold Resources New Risk Analysis
Novagold Resources New disclosed 31 risk factors in its most recent earnings report. Novagold Resources New reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Novagold Resources New Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | C$5.27B | 6.35 | 26.78% | ― | 59.11% | 306.31% | |
77 Outperform | C$8.34B | 24.61 | 6.72% | ― | 73.38% | 169.61% | |
72 Outperform | C$5.46B | 12.17 | 42.98% | ― | 55.87% | 71.11% | |
66 Neutral | C$5.05B | 14.20 | 40.70% | ― | 207.42% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
51 Neutral | C$3.94B | -54.03 | -6.39% | ― | ― | -408.67% | |
47 Neutral | C$3.72B | -34.30 | -42.54% | ― | ― | 31.32% |
* Basic Materials Sector Average
TSE:NG
Novagold Resources New
8.48
2.36
38.56%
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TSE:TXG
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.